Prosecution seeks 10 year prison term for Lotte Group founder

By Kim Se-jeong

Prosecutors in Seoul requested 10 years in prison and 300 billion won ($269 million) in fines for Lotte Group founder Shin Kyuk-ho who is on trial for corruption.

At the Seoul Central District Court, the prosecution made its case against the 95-year-old founder. “Although he is old and ill, we can’t let him off the hook because his crime is grave and it illegally benefited his family.”

Shin was present in a wheelchair.

Lotte is one of Korea’s largest conglomerates, with a wide range of businesses from retail to construction, food and entertainment.

Shin was indicted last year on charges of embezzling 50.9 billion won of company, to benefit his family members. He is also suspected of business irregularities that benefited his partner, Seo Mi-kyung, who owns snack bars at Lotte Cinema, a movie theater chain.

His two sons were in fight in recent years over control of the group.